Compare the best UK cryptocurrency apps in 2022
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As cryptocurrencies grow increasingly popular, more individuals than ever are looking for mobile apps that suit their needs. This article explores how to choose one and offers tips and advice to help you make an informed choice.
What are the best cryptocurrency apps in the UK?
Well, that depends on what you are looking to do. We’ve broken them down into the best apps for buying, selling, trading, storing, and spending crypto. They all combine low fees and a strong reputation with a user-friendly interface and industry-leading security.
Top exchange apps for buying and selling cryptocurrency
If you want to get coins like Bitcoin and hold them as an investment, then consider signing up to one of the exchange apps in the table below. Our team has tested and verified each of them so you know they are good platforms.
Top broker apps for trading cryptocurrency
For trading cryptocurrencies, you need a reliable crypto trading app that will allow you to open and close trades quickly, in order to take advantage of price changes. Choose an app from the table below; it takes minutes to sign up and you’ll be able to trade instantly.
Top wallet apps for storing cryptocurrency
To store your crypto tokens securely, you might want to consider getting a personal wallet. These can enhance your security, and some now even have integrated exchanges so you can quickly swap between currencies. If this is what you want to do, we believe the below options are robust choices.
Top apps for spending cryptocurrency
Some platforms work just like mobile banking apps; you can use them to hold and exchange multiple digital and fiat currencies, including GBP. Additionally, some of these come with both an account and debit card so you can pay with your crypto in a store as if you were using a normal bank card. Here are some of the best to choose from.
What should I look for in a cryptocurrency app?
Design and ease of use
If you are a beginner, choose one with a design and interface that is accessible and easy to use. For more advanced users, an app with a more complex but more customisable and flexible interface might be ideal. The point of downloading one is to make managing your coins easier, so don’t choose one that gets in the way.
Reputation and regulation
If you’re trusting a service with your coins, then you want to make sure that the platform is reliable. Make sure you check out reviews of each app before downloading it to give you an idea of its pros and cons.
The FCA (Financial Conduct Authority) regulates financial services in the United Kingdom. You should generally try to use regulated services where possible because they offer more protection in case something goes wrong. You can find out whether a platform is regulated by searching for its company registration number on the FCA website.
Tools and charts
An application’s tools can set it apart from the competition, providing its users with more options, personalisation and information.
For example, charts and charting tools are useful for traders and long-term investors when trying to read price movements. They generally include indicators like bases, bollinger bands and stochastic oscillators. Therefore, we recommend checking out the tools and charts an app offers before signing up.
Fees and commissions
Every platform needs to make its money somewhere. Fees can be taken up-front, as part of a subscription, or even in the form of transaction fees or trading commissions. Make sure you are fully aware of the cost implications of using an app before you sign up.
Security
When using online apps, you want to make sure both your coins and your data are secure, so look for features like the levels of encryption, two-factor authentication (such as biometrics and passcodes), and the use of firewalls. Moreover, for wallets, you should check if the app offers cold (offline) storage of tokens to protect you from online attacks.
Additional features
These can set certain applications apart from the competition. Some have features like portfolio trackers, price alerts/notifications, news, educational content, tutorials and automatic trades, and you should look for features that are going to make your life easier and give you more options.
Quick answers to key questions
Can I use cryptocurrency apps on Android and iOS devices?
Yes, generally you can. However, be considerate that different app types will be available on different devices. To see if an app is available on your operating system, head over to the Google Play Store or the App Store and search for it.
How much do cryptocurrency apps cost?
It depends on the type of app. While wallet apps are typically free, ones that allow you to buy, sell, and spend cryptocurrency will usually charge small commissions for each transaction. This is commonly from 1% to 2%, though we have seen as high as 5%, so watch out.
Do I have to verify my identity with a crypto app?
Again, this comes down to what sort of application you’re using. Most wallets do not require ID verification. However, brokers – and some exchanges – require you to pass an identity verification check, and some will need you to provide a copy of your driving license, British passport, or another form of photo ID.
It is entirely up to the individual discretion of each app, and some platforms do not require any form of identification for using their services.
Are cryptocurrency apps the same as crypto wallets?
Online cryptocurrency wallets are a form of crypto app, but not all apps are wallets. Many applications that allow users to trade or buy coins let them store coins in their account, but a specialised crypto wallet provides an enhanced layer of safety and security. Some wallets even come with offline storage options which can be accessed from your smartphone.
Should I use a cryptocurrency app?
If you want to control your coins from a mobile or tablet device, then yes. Whilst services such as brokers are commonly operated through a desktop or laptop, the added flexibility of using a mobile application is hard to ignore and can give you easy access to your crypto investments.
Still undecided?
It is always a good idea to take your time before choosing a service. To help you decide what the best app is for your needs, we have compiled a list of pros and cons below – and some final things to consider.
Pros
- They help you access crypto services at your fingertips, even when you are on the go
- The large variety of options available means that you can handle all of your crypto needs from your phone
- Many provide a more user-friendly interface than online platforms
Cons
Should I buy crypto with an app now?
This is entirely up to you. We feel they can be a good choice because they make the process of buying, selling, storing and paying with crypto easy and are a great option if you are on the move (or the sofa). Check out the latest news and analysis below to see if now is the right time for you to start:
Bitcoin price analysis for May
Litecoin could be one of the best performers in the upcoming days. Here are the next targets
Ethereum could advance even more in the ongoing bull market. Here are the next targets for buyers
Where can I learn more about cryptocurrency?
You can use Invezz to learn more about the basics of crypto, how it works, and to read about the different types of coin you can buy. Take some time to learn how cryptocurrency works and follow the markets for a while before you dive in and download an app.
FAQs
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